Need advice! 2019 Tacoma - keep it or return it....

OP, this is a pretty simple decision. There is a lot of good advice here -- and I would wade through all of it. A lot of folks make good points that are worth considering. But, in the end, this is all that matters:

At the end of your lease, you have a decision and that is are you going to buy the truck for $29K or are you going to trade it in and buy something else?

The fact that you leased is water under the bridge. You may or may not do that again. And, you may have learned your lesson or not. That is up to you. Personally, I don't lease. I understand there are some advantages but in any of the economic models I run, leasing doesn't make sense. Also, the fact that you put accessories into the truck is over and done with. Some you may be able to pull off and sell and others you may lose. Another lesson learned. Unless, of course, you go so much enjoyment out of them it was well worth it. What is done is done. It is what it is and all that.

So, in April, you will have one choice -- buy the truck for $29K or buy something else. Three key factors will inform your decision:

1) What is the value of the truck at the time? We simply don't know. We do know Tacomas hold their value but what we don't know is what the value will be when you are ready to trade or buy it. Fortunately, that is easy to figure out.

2) What is the cost of the car you want? You say you want a 4Runner so now you are comparing $29K versus $47K. But who knows? By the time the lease is up there may be another car that is much less. You might fall in love with the new Bronco or the new RAV or the new Corolla, etc. You are really comparing the cost to buy the truck against the cost of the alternative.

3) What do your finances permit? That's up to you to sort out with a financial planner. Personally, I don't like Dave Ramsey and think much of his advice is suspect. Sure, a ton of it is common sense and I agree that he has helped a lot of people and there is good value in that. But I strongly advise getting a real financial planner to assess if what you want to do makes good fiscal sense in the context of where you are in life, etc. But this you already know.

 

FWIW, after 3 years and 30k miles you'll still pay more than I paid for mine. Granted mine is a lowely SR but it's well equipped. Paid $28,800 for it.

 

exactly to the point (that many here misses). I can turn the lease down and get same - brand new truck for possibly $33k.....mine will be close to it once taxes are added.... or used Lexus!!!

 

Turn the lease in early and buy a 2020 or 2021 Tacoma.

 

You cannot without major penalties....

 

Should be fairly easy to test this assumption. Start looking at a new truck and do the comparison. I haven't looked lately so I don't know but you may be right. If the delta is within, say, $2K, you have your answer. As for Lexus, yes, buying a used Lexus is always a smart play given the reliability, etc. Of course, that depends on the model you are looking at.

Honestly, it seems like you know your answer. You want to trade in the truck and get something new or something else but it is bugging you that you leased or put money into accessories, etc. I wouldn't worry about that. Its called a learning experience and we all have them one way or another.

 

That is where the worth comes in....you know how you cared for the truck. Any other 3 year old $30k truck you will really have no idea. Used vehicles are a gamble. Going by current values, I think it will still be worth close to what the buy-out price is now. I would keep it and try to get away from leasing and towards ownership. That is just me....course leasing would never work for me cause I drive too much.

 

Right. But I think the point people are making here is that the three year old truck off lease will be close to the price of a new truck. They could be right. I am not sure but would look at the pricing. If the difference is only a few thousand bucks I would buy new. But I would keep the truck for 10 years at a minimum so that delta would not be as big a factor over time.

As an aside, this is why the Toyota / Lexus combination is a generally safe and smart play. My strategy is different. I buy new. Pay cash upfront. Keep for a minimum of 7 years but mostly to 10 years. That works out generally. Especially with the extended warranty. My BMWs I keep in the 5 to 7 year range -- but always under warranty. However, I would have no hesitation to jump on a two year old Lexus and keep it for five years, easily. Especially under CPO / extended warranty.

 

I would never own a BMW not under warranty.....those are definitely better vehicles to lease and hand back in at the end. Had an older BMW once and it was a huge money pit out of warranty. Never bought another.

 

Yeah, BMWs are the cars everyone loves to love or loves to hate. I have had a number of BMWs (I think five or six) and all of them have been under warranty or extended warranty. They are actually good cars ... and if you have a good mechanic outside of the dealer they are very manageable. But you are right -- I would never own one unless it was under warranty.

 

I will be honest. I had wanted a Tacoma forever. I searched for 6 months online looking and pricing used ones out. 30k for yours after 3 years is gonna probably the going rate on that truck when your lease is up. My local dealer had a 17 Sport with 6k on it and wanted $32,500.
which prompted me to end up buying a brand new 19' Limited and I got it for $36,500 w/o taxes etc...
these trucks maintain their value which is one of the reasons why i bought one, on top of reliability, looks etc...

 

If everyone listened to the cult of Dave Ramsey, hardly anyone would own a new Tacoma.

 

Honestly, that's what I start seeing.... as a matter of fact, the virus situation moved the market up to the point it is ridiculous.....used Tacos in terrible (with my standards) condition and large mileage go for MUCH more than new ones...I think this trend will continue for couple years to come....Production lines are running low capacity trying to keep up with huge demand. Parts suppliers are quite behind as well so the whole situation is a mess. Looks like $30k will be a bargain after 1.5 years.....

 

I did not read the entire thread, but I bet someone mentioned your high residuals may be due to your initial negative residual from the prior vehicle equity that went into the Taco to begin with?

 

that is correct! $4000 went into the Taco lease. Question is, knowing all of that facts, is it worth to keep 3 year old truck that was has never been garaged for $30k...

 

You said if you are going to buy it you will put like 15K less miles on it and quit detailing it . 15K miles is nothing on these trucks just run it , clean it and decide in 1.5 years if you want to keep it .

 

My advice, change your avatar to something besides a selfie.

 

Not being garaged ain't a factor unless you park it under a pecan tree.

 

is keeping it outside for 3 years make a difference? It breaks my heart seeing it outside of the cozy garage....